Source: RealEstate.co.nz
New data shows vast variations in property prices within main centres
30 January 2025 – New data from realestate.co.nz highlights striking million-dollar price gaps between the highest and lowest-priced suburbs across New Zealand’s main centres1. Auckland City saw the most dramatic contrast, with a $3.61 million gap in 2024 between Herne Bay’s average asking price of $4.32 million and Auckland Central’s $704,067. Wellington and Christchurch also saw price differences exceeding $1 million between their highest and lowest-priced suburbs last year.
The district-level data reflects the annual average asking prices of suburbs with 10 or more new listings in 2024, highlighting the varied dynamics of the property market.
“These price variations across our main centres reveal how individual neighbourhoods within the same district can command dramatically different price points,” said Vanessa Williams, spokesperson for realestate.co.nz.
“What’s also interesting is the lifestyle factors commanding premium prices differ from place to place, creating diverse opportunities across the motu.”
Capital city contrasts
In Wellington, a $1.14 million price gap separated the central city’s average asking price of $629,130 from coastal Seatoun’s $1.77 million.
“Wellington’s central city offers a markedly different price point to its premium suburbs,” noted Williams. “The relative affordability of CBD living, influenced by apartment options, opens up opportunities for buyers.”
Views command premium in Garden City
Christchurch’s Port Hills continued to attract premium prices, with Kennedys Bush averaging $1.98 million for its elevated views over the Canterbury Plains. The established suburb of Fendalton came in a close second with an average asking price of $1.77 million. In contrast, the eastern suburb of Wainoni recorded the city’s lowest average at $490,787, representing a $1.49 million gap between the highest- and lowest-priced areas.
‘‘View’ is one of the most searched terms on realestate.co.nz, and Kennedys Bush has this in spades. Who could blame those in Christchurch wanting to enjoy a panoramic view of the Southern Alps and Canterbury Plains,” said Williams.
Northern appeal in Hamilton
Hamilton’s price variations spanned just over half a million ($531,197). The sought-after northern suburb of Flagstaff was the highest-priced suburb at $1.09 million, while the southern suburb of Bader was the lowest at $561,783.
“As part of the Golden Triangle, Hamilton’s northern suburbs are popular with those drawn to the lifestyle benefits of a regional city while maintaining easy access to Auckland,” said Williams.
¹District-level data – Auckland City District, Wellington City District, Christchurch City District and Hamilton City District. Based on suburbs with 10 or more listings in 2024.
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Glossary of terms:
Average asking price (AAP) is neither a valuation nor the sale price. It is an indication of current market sentiment. Statistically, asking prices tend to correlate closely with the sales prices recorded in future months when those properties are sold. As it looks at different data, average asking prices may differ from recorded sales data released simultaneously.
New listings are a record of all the new residential dwellings listed for sale on realestate.co.nz for the relevant calendar month. The site reflects 97% of all properties listed through licensed real estate agents and major developers in New Zealand. This description gives a representative view of the New Zealand property market.
Stock is the total number of residential dwellings that are for sale on realestate.co.nz on the penultimate day of the month.
Rate of sale is a measure of how long it would take, theoretically, to sell the current stock at current average rates of sale if no new properties were to be listed for sale. It provides a measure of the rate of turnover in the market.
Seasonal adjustment is a method realestate.co.nz uses to represent better the core underlying trend of the property market in New Zealand. This is done using methodology from the New Zealand Institute of Economic Research.
Truncated mean is the method realestate.co.nz uses to supply statistically relevant asking prices. The top and bottom 10% of listings in each area are removed before the average is calculated to prevent exceptional listings from providing false impressions.